Japan’s GDP for Q3 has shrunk for the second-straight quarter, officially signaling that the country is in a full-blown recession, it was revealed today. After declines of 7.3% in the second quarter of 2014, the country experienced further decline of 1.6% for the most recent period, missing initial target growth of 2.1%.

The news is predicted to signal a delay in a planned sales tax increase and has many economists declaring the country’s recent Quantitative Easing efforts to be a failure. Some fear that the same delayed outcome could spread to the U.S. and Europe in the coming months.

From the G20 Summit in Brisbane over the weekend, British Prime Minister David Cameron issued a dire warning for the global economy in an op-ed for the UK newspaper The Guardian.

The piece, titled: Red Lights Are Flashing on the Global Economy, states, “The eurozone is teetering on the brink of a possible third recession, with high unemployment, falling growth and the real risk of falling prices too.”

Concern for the global economy is present on both sides of the Atlantic.

With the S&P 500 hitting another all-time high and the news that the child-homeless rate of the U.S. has also reached a new peak, many are worried that something is deceptively and perilously wrong with the current state of the U.S. economy.

American tycoon Carl Icahn told the Reuters Investment Outlook Summit today, “I am still concerned that one day you’ll see a break like you had a few weeks ago but it won’t come back… It could be three years, it could be three months, it could be three days. But I really do believe there will be a major correction “